UPDATE: BMO Capital Upgrades Magna Int'l (MGA) to Outperform
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(Updated - May 14, 2018 7:50 AM EDT)
(updated to add analyst comment)
BMO Capital upgraded Magna Int'l (NYSE: MGA) from Market Perform to Outperform with a price target of $75.00 (from $64.00).
Analyst Peter Sklar comments "We now believe that recent strategic developments are highlighting Magna's capabilities and the company's momentum in becoming a meaningful player in new technology growth areas. As a result, we believe there will be a gradual re-rating of the company's stock, which has already begun. The risk to our thesis is if the auto cycle ends, or investors become concerned that the cycle is about to shift to a downturn as a result of ongoing Fed tightening."
Shares of Magna Int'l closed at $63.22 yesterday.
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